** Denver’s -Whiting Petroleum Corporation announced today on April 14, 2020, it received a notice from the New York Stock Exchange that the Company’s common stock is not in compliance with the NYSE’s continued listing standard that requires the average closing price of a listed company’s common stock be at least $1.00 per share over a consecutive …
Pandemic forces Hertz to lay off 10,000 workers
The pandemic has struck Hertz, the U.S. car rental company but it’s unknown how many of the 10,000 workers losing their jobs are in Oklahoma. Hertz Global Holdings filed a WARN alert with the Oklahoma Workforce Development office explaining it plans to lay off the 10,000 workers across the U.S. where the company has an …
Tapstone finishes restructuring and looks toward expansion
Tapstone Energy, LLC announced it has concluded its financial restructuring plan which included a reduction of debt by $450 million, $50 million in new investment from one company and a new four-year loan of $145 million. And it’s looking with an eye toward expansion. The company said the restructuring was a move to recapitalize …
Ethanol producers complain they were left out of government aid
Congressional leaders from the country’s big corn producing states are bemoaning the lack of government aide to the ethanol industry in a $19 billion aid package announced by the U.S. Department of Agriculture. Missing from that package was money for biofuel producers who are suffering huge demand losses as millions of Americans have stopped driving. …
Ethanol industry suffering like refinery operators
The nation’s ethanol industry could take a $10 billion hit over the coronavirus pandemic according to the Renewable Fuels Association. Ethanol plant operators are experiencing some of the same pains felt by refineries. Details came this week in the Oklahoma Farm Report which indicated it will have an impact also on corn growers. As …
Marathon Oil leader makes a case for free market
Writing in the Dallas Morning News, the leader of Texas-based Marathon Oil takes a stand against Texas ordering a reduction in oil production, saying he favors the free market. Here is what Lee Tillman wrote in the Tuesday edition of the newspaper: “Marathon Oil stands firmly opposed to the petition to prorate domestic oil and …
New project leader named at Williams
Williams in Tulsa has named a new leader of its projects across the company’s 24-state footprint. Chad Teply has been appointed senior vice president of Project Execution, taking over guidance of project management, construction, environmental, regulatory and permitting, facilities and land management. Teply is new to Williams and succeeds John Poarch who left the company …
Ovintiv reports 5-well production of 4,000 barrels a day
At a time when oil is virtually worthless and sellers were paying buyers to take the off their hands, Tulsa based Ovintiv-Mid Continent Inc. reported discovery of a five-well pad producing nearly 4,000 barrels of oil a day in the STACK. Completion reports filed this week show the five Franklin Fiu 1508 wells were …
Oil becomes virtually worthless for a day
It’s never happened previously….oil prices went into negative territory on Monday and sellers were paying buyers to take it off their hands. Observers called it jaw-dropping as prices for West Texas Intermediate crude actually hit minus $40.32 a barrel. Blame it on the coronavirus pandemic which left the U.S. economy at a standstill and so …
Oklahoma regulators to consider reduced oil production request
Oklahoma Corporation Commissioners will meet Wednesday to possibly vote on a request for an emergency order sought by Tulsa oil company LPD Energy LLC to force a reduction in oil production in the state. The request filed earlier in the month by LPD contends the sale of crude oil at current prices is a “waste” …